Head of Arab Fund for Economic Development meets Aoun, vows support to Lebanon
In a meeting with President Joseph Aoun at Baabda Palace, Saad affirmed the fund's readiness to be "the first Arab institution to provide Lebanon with aid and loans soon, to contribute to Lebanon's revival efforts," as reported by the Lebanese Presidency on X.
Saad's visit underscores the Arab Fund's support for Lebanon, with two primary objectives: first, to revive long-stalled projects and second, to provide new financing for sectors severely impacted by the ongoing crisis. These sectors include vital areas such as water, electricity, healthcare, education, and infrastructure, like roads. He highlighted the importance of ensuring that technical details related to these projects would be discussed with the relevant ministers, the Council for Development and Reconstruction, and senior Lebanese officials, including the parliamentary speaker, the prime minister, and the governor of the Central Bank," NNA reported.
In the meeting with President Aoun, Saad stated, 'We have a technical and study committee in Lebanon for projects, and we maintain close collaboration with the Council for Development and Reconstruction in Lebanon at the level of studying and implementing projects."
He also stressed the longstanding positive relationship between Kuwait and Lebanon, underlining that the difficult circumstances Lebanon has endured are now behind them.
Aoun responded by expressing optimism about the future, noting, "We are determined to rebuild the state based on new principles, with a primary focus on economic and financial reforms, relying on good governance and providing the necessary facilities for financial funds to finance projects."
'Fund has new approach'
Saad also met with Parliamentary Speaker Nabih Berri at Ain al-Tineh, where he informed Berri about the Arab Fund's "readiness to resume its development activities and its ongoing and upcoming programs in Lebanon."
During the meeting, Saad elaborated on the fund's new approach, which included "conducting feasibility studies and providing funding for development projects with the assistance of other funds. This approach aims to reduce bureaucratic delays by allowing the fund to handle the preparation and financing of feasibility studies, instead of Lebanon needing to complete them beforehand."
Saad highlighted the Arab Fund's ongoing commitment to Lebanon, with over $1.6 billion in financing already provided to Lebanon, in addition to technical grants totaling $63 million.
Saad confirmed that the Arab Fund's support had never ceased, stating that the last loan provided to Lebanon was valued at $50 million, directed to the Housing Bank. He clarified that, despite some technical issues, Lebanon had not faced any challenges in securing regular funding from the Arab Fund. Furthermore, the fund participated in a roundtable discussion in Washington, chaired by Lebanese Finance Minister Yassine Jaber, where they reaffirmed their commitment to supporting Lebanon.
Saad also acknowledged the ongoing brain drain from Lebanon, attributing it to the economic and political turmoil the country has faced. He emphasized the importance of restoring Lebanon's lost expertise and announced the Arab Fund's willingness to finance studies and training programs to help rebuild Lebanon's intellectual capital.
'Electricity sector is a primary concern'
In terms of sector priorities, Saad emphasized "that the electricity sector was a primary concern, with its current high production costs compared to new projects like solar energy and technology-based energy solutions. Ensuring a reliable electricity supply is crucial for reducing the financial burden on consumers and bolstering the Lebanese economy.
Saad's visit also comes in the context of improving regional relations. On Sunday, the UAE officially lifted its travel ban on Lebanese citizens following a visit by Aoun to Abu Dhabi. The decision, effective Wednesday, marks a positive shift in relations between Lebanon and the Gulf monarchies, which had been strained due to tensions between Iran and Saudi Arabia and Hezbollah's influence in Lebanese politics.
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